That means interest rates stayed at a record low of 0.25%, and
the bank's QE programmes remain capped at £435 billion,
despite the surge in the rate of inflation to the highest level
since mid-2013.

Rates were left unchanged, but surprisingly the bank's Monetary
Policy Committee voted 5-3 in favour of holding rates at their
current levels. That signalled a possible shift in
stance from the bank, with the horizons of an interest rate
coming closer.

Sterling jumped on that initial announcement before falling away
as the afternoon progressed. However, on Friday the currency has
bounced back a little, climbing around 0.15% against the dollar,
as the chart below illustrates: